PROTECTION

Life Insurance is designed to pay out a lump sum in the event of death. These plans can be set up to provide cover for a mortgage debt, or alternatively to provide a lump sum to protect the family. The majority of life insurance plans also include terminal illness cover, this is defined as if you are not expected to live longer than 12 months when confirmed by a medical professional. Having life insurance in place can be the difference between a comfortable standard of living for the people you leave behind, or a financial struggle when you are gone, due to loss of income.

Life Insurance can be set up in different forms:

Level Term Life Insurance – This is a plan that would always pay out the same amount from the start. You can have specific term for how long you want the cover to last.

Decreasing Term Life Insurance – Probably the most common type of plan when covering a repayment mortgage. This type of cover decreases in line with a debt over time. This type of plan is usually cheaper than Level Term Cover as the sum assured is decreasing over time.

It can be a challenge to work out the amount of cover needed; therefore, it is advisable to speak to a financial advisor to ensure you have all options considered. There are lots of different factors to consider, such as salaried income, outstanding debts, ongoing dependent costs and future life plans.

It is also important to keep in mind how much you want to budget towards the monthly premiums. Through seeking financial advice, all these areas will be considered, and a full recommendation can be provided.

Ebor Mortgages offer a wide panel of providers following a fair analysis of the market for life insurance; therefore, we can look to get you the best terms possible for your situation. 

Critical/Serious Illness cover provides a cash lump sum pay out in the event of the policy holder being diagnosed with a critical/serious illness during the term of the policy. The lump sum can be put towards paying off a mortgage debt, paying off unsecured debts, adaptation to living costs dependent on illness, or just to provide a good financial support at a time of change. This cover can be added to a life insurance plan, or be taken out separately.

The main critical/serious illnesses that make up most claims are:

-       Cancer

-       Heart Attack

-       Stroke

There are different level and standards of critical illness plans, this can influence the cost and quality of cover. We research the whole of market to ensure the cover is in line with your priorities. There can be a standard level of cover provided, or there can be premium or upgraded critical illness plans, which cover a larger number of illnesses.

Finding critical illness cover yourself can be a minefield, speaking to Ebor Mortgages can provide the peace of mind that you are covered to the level that you require.  With the number of providers, and different plans out there, speaking to a financial advisor will ensure you have the right cover in place. 

Income protection is designed to pay a regular monthly income if you are off work due to illness or injury. These types of plans are set up to replicate your monthly salaried income, whether employed or self-employed. This takes away the worry of how you would cope financially on a reduced amount of pay or statutory sick pay.

The amount of cover you will need will depend on your salary, and any sick pay you receive from your employer. If you are self-employed, the majority of the time, you would have to rely on cash in the business to get you by.

Income protection plans can be set up to start at different times, this is called a deferred period. They can start from day 1 of being off work, or up to 24 months of you being off.

This cover is ideal for being used to cover monthly mortgage payments, utility bills, daily living costs and expenditure whilst you cannot work.

To discuss your income protection options, speak to Ebor Mortgages. We offer a wide panel of providers following a fair analysis of the market to look at obtaining the best terms possible for your situation.